In a statement released today by Nisbah Capital, a subsidiary of Taibah Valley located in Saudi Arabia, we learn that the company will join the Tezos ecosystem, being among the first companies to support this blockchain in the Far East region.
Tezos (XTZ) is a blockchain that uses the Proof of Stake (PoS) protocol, and as Crypto Cash such users can stack their tokens. Because of the complexity involved, users often delegate their tokens to known companies – also known as bakers – who have everything they need to run the network.
In fact, the minimum to become a baker is to block 8,000 XTZs, or over $20,000 at the current price.
With this announcement, Nisbah Capital intends to operate actively on this blockchain having all the requirements and providing its users with a reference point to use Tezos.
Among other things, a subsidiary of Nisbah Capital, Exaion, had already become a baker in October last year and already has a functioning system in place.
This country is certainly very interested in crypto and blockchain, and last year there was already talk of launching a pilot cryptocurrency for banks, as if it were a centralised crypto or stablecoin.
Nisbah Capital and the collaboration with Tezos
A Taibah Valley specialist, Raghad Abdulghani commented on the news as follows:
“By becoming a Tezos Baker, we see an opportunity to spread awareness of cryptocurrencies and how they work, and to attract different companies to recognise the potential of the MENA region. Furthermore, we believe that the baking will help build the future of Tezos blockchain in the region.”
In contrast, Waleed Rassuli of Tezos Gulf, explained that collaboration is the best way to spread the technology:
“This collaboration with Taibah Valley will be a major boost to stimulate the adoption of decentralised blockchain-based technologies in the Middle East. Given the growing number of enterprise bakers in the Tezos ecosystem, we think having one in the Middle East will give a boost to local blockchain projects in this region.”